How to Collect a Monetary Judgment
A monetary judgment is rendered when a creditor has to pursue legal means to collect on a debt. However, a judgment does not automatically mean that it is easy to settle the debt. While there are methods to pursue the debtor and collect on a monetary judgment, there is no way to guarantee that you will receive the monies owed to you. The rules for collecting a judgment may vary somewhat in different states, but similar procedures apply.
Other People Are Reading
Instructions
-
-
1
Send a notice to the debtor. Include a copy of the judgment order and explain your desire to collect the monies owed, as well as your willingness to return to court to pursue other methods of collection. Make sure to submit this notice in writing so that there is a record detailing your efforts to collect the money before returning to court.
-
2
Offer a settlement or payment plan before returning to court. While you may want all your money up front, the important thing is that you get it at all. If you make it easier for the debtor to pay the monies owed, then you are more likely to get what is owed from the judgment.
-
-
3
File an Execution on Goods and Chattels. This method only applies if the debtor has at least $1,000 worth of personal property. This filing allows the court to satisfy the debt by taking the money from the debtor's bank account or through personal property, though real estate cannot be used.
-
4
File an Execution Against Wages. If the debtor does not have at least $1,000 in personal property, you may ask the court to collect the money owed on your judgment through the individual's wages. A garnishment ensures that you receive your money each time the debtor gets paid.
-
1
